Investment sales of offices in Los Angeles have dropped by more than 50% thus far this year compared to 2023, while the average deal prices in the city continue to outpace other large California metros.
As of the end of Q3 2024, office transactions totaled $985M in Los Angeles, less than half of the nearly $2B in office sales for the same period last year, according to CommercialEdge data.
Despite the huge drop in sales, L.A. remains the priciest metro market in the state for office transactions, with an average sales price thus far this year of $345 per square foot, an increase of $40 per square foot over the average benchmark last year at this time.
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